CTL Strategies recognised in 2021 Rankings of Chambers and Partners
CTL Strategies has been ranked in the Chambers Global Guide 2022, published by the Chambers and Partners. Chambers and Partners is an independent research firm that operates in 200 jurisdictions and is commonly referred to as the “gold standard” in the legal profession. Chambers deliver rankings and insight into the world’s leading lawyers and law firms.
The firm’s new ranking in Band 2 this year, marks a significant upgrade for the firm with the firm moving from Band 3 within just two years of its ranking. The Guide remarks that “the team understands the commercial reality of transactions and provides practical legal solutions”.
29th Amendment to the Goods and Services Tax Regulation
On 27 November 2022, the 29th Amendment to the Goods and Services Tax Regulation (Regulation Number 2011/R-43) was published in the Government Gazette. Below are some notable changes that may have an impact on taxpayers following the amendment.
Submission of GST Returns online
The amendment requires taxpayers that meet any of the following criteria to submit the GST return online via MIRAconnect.
Amending GST Returns without a formal review process
In addition to the above, the amendment also repealed Tax Ruling TR-2015/G26 (Amending GST returns) which sets out the MIRAs review process in accepting the GST return amendments which leads to a lower tax liability. In this regard, with the 29th Amendment, Amended GST Returns will be accepted by MIRA without a review even in situations where the return amendment leads to a lower GST liability compared to the GST liability declared in the most recent return filed for that period.
Effective date
The amendment takes effect from 27 November 2022.
Seventh Amendment to Employment Act
The Seventh Amendment to the Employment Act (the “Seventh Amendment”)1, gazetted on 21 September 2022, removed the obligation on employers to pay minimum wage to expatriate employees in accordance with the Minimum Wage Order until a compliance date is announced by the Minister of Economic Development (the “Minister”).
Establishment of the minimum wage
The Sixth Amendment to the Employment Act2 provided a comprehensive guideline on the establishment of the minimum wage to be given to employees working in Maldives. Notably:
Change in law with the Amendment
Effective Date
The Seventh Amendment became effective on 21 September 2022.